Altico Capital invests Rs 130 crore in two residential projects
Mumbai headquartered non-banking finance company Altico capital has invested Rs 130 crore in two residential projects in Mumbai and National Capital Region.
Altico Capital has closed a Rs 50 crore transaction with Noida based Lotus Gardens group for a residential project named ‘Arena I’ which is part of a larger Sports City development at Sec-79, Noida. The funding proceeds will be utilized for construction of project. The fund has further invested Rs 450 crore, with the builder.
Sanjay Gupta, CEO for Altico Capital said “ This is first investment in the NCR region after 15 months. We believe that it will take time to pick up in NCR and therefore will be deliberate in putting capital to work in this market.
Arena I is a mid-segment project, with offerings of 3BHK and 4BHK apartments and total saleable area of 1.9 mm.sq.ft.It is located in an upcoming residential zone, with projects from various reputed developers in the region.
In another deal the fund invested Rs 80 crore with Mumbai based Shree Sai Group for the residential project named, ‘The Nest’ in D N Nagar, Andheri West for refinancing the existing lender and for finishing the construction of the project. The project is being developed by Shree Sai in a joint venture with Wadhwa Holdings.
“We will look at last minute financing for projects in advanced construction and sales. We will also fund and evaluate projects wherein credible corporate have tied up, under joint development arrangements, with existing land owners and developers to market and construct projects under their corporate brands,” said Grewal.
Altico Capital focuses on senior secured to lending to residential projects in the real estate sector in Tier-I segment.